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Zim Dollar Breaches $300 Mark At RBZ Forex Auction

The foreign exchange weighted average rate has fallen to US$1: ZWL$308.5201 from US$1: ZWL$290.8876 announced by the Reserve Bank of Zimbabwe (RBZ) last week.

At this week’s RBZ foreign currency auction conducted on Tuesday, 31 May 2022, a total of US$25.59 million was allotted.

The bulk of the allotment went to raw materials followed by machinery and equipment, the same as last week.

782 bids were received on the Small to Medium enterprises forex auction, with 723 accepted and 59 disqualified. The total number of bids allotted was 613.

On the main forex auction, a total of 285 bids were received, 263 were accepted and 22 were disqualified. The total number of bids allotted was 235.

The RBZ said bids with overdue CDIs, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.

Some bids were also allotted on a pro-rata basis.

Number of Bids Received

SMEFX89/2022

782

MAIN FX95/2022

285

Number of Bids Disqualified :5922
Total Number of Bids Accepted :723263
Total Number of Bids Allotted :613235
Total Value of Bids Accepted :USD5,135,841.87USD23,947,063.37
Amount Allotted :USD4,425,590.12USD21,165,154.67
Highest Rate Received: 340.0000340.0000
Lowest Bid Rate Allotted :290.0000290.0000
Weighted Average Rate :308.5201

 

PURPOSEAMOUNT ALLOTTED SME AUCTIONAMOUNT ALLOTTED MAIN AUCTION
Raw Materials1,074,866.6411,077,620.25
Machinery and Equipment1,678,233.123,597,642.53
Consumables (Incl. Spares, Tyres, Electricals, etc)583,152.381,817,428.66
Services (Loans, Education, Dividends, Disinvestments, etc)376,205.051,647,857.01
Retail and Distribution (Incl. Food, Beverages, etc)388,571.001,439,602.03
Electricity16,187.130
Pharmaceuticals and Chemicals193,117.15954,924.90
Paper and Packaging115,257.65630,079.29
TOTAL4,425,590.1221,165,154.67
GRAND TOTAL AWARDED 25,590,744.79

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2 comments on “Zim Dollar Breaches $300 Mark At RBZ Forex Auction

  1. Its high time the police arrest those conducting and participating at the auction because its a sanitized platform for fueling inflation that robs people of their hard earned money. RBZ can no longer be taken seriously with that circus Christianed “Foreign exchange Auction”

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